Sports Betting Platform Acquires Record Ethereum Holdings

Nasdaq-listed SharpLink Gaming Buys 176,271 ETH, Becomes World’s Largest Public ETH Holder

Toronto-based sports betting and gaming platform SharpLink Gaming (SBET) announced Friday it has invested $463 million in Ethereum (ETH) by purchasing 176,271 coins, surpassing all other public entities globally in Ether reserves.

According to a company release, the acquisition employed financing through private placements and at-the-market equity sales. SharpLink secured $79 million from May 30 sales, with an average acquisition price of $2,626 per ETH.

CEO Rob Phythian declared, “This is a landmark moment for SharpLink and for public company adoption of digital assets.” Phythian further stated SharpLink now designates ETH as its “primary treasury reserve asset.”

A ‘MicroStrategy for Ethereum’

SharpLink’s move draws direct parallels to MicroStrategy’s Bitcoin treasury strategy but positions Ethereum as the core digital reserve asset. CEO Phythian emphasized the move offers “meaningful economic exposure to ETH” for shareholders.

SharpLink Chairman Joseph Lubin, Ethereum’s co-founder, commented in the release, “SharpLink’s bold ETH strategy represents a pivotal milestone… contributing to Ethereum’s long-term security.” He noted that staking activities generate additional ETH rewards.

ETH Holdings: Crowned But Not Alone

Despite being named the world’s largest publicly traded individual holder, several entities maintain larger total ETH reserves.

The Ethereum Foundation’s treasury holds 214,129 ETH, valued at approximately $594 million according to Arkham data.

Passive holders such as BlackRock’s iShares Ethereum Trust ETF manage significantly larger quantities, holding approximately 1.7 million ETH ($4.5 billion positions). These ETF holdings represent client assets, not independent corporate treasury positions.

Market Controversy Surrounds SharpLink’s Move

SharpLink’s ETH purchase strategy has been accompanied by substantial volatility in its stock price. Following their May 27 announcement, the share price surged over 400%. The company recently sought SEC filing S-3 authorization to permit future PIPE participant share sales.

This move caused a dramatic 73% after-hours decline when investors mistakenly interpreted it as an immediate sale. Lubin subsequently clarified the filing was routine regulatory procedure for PIPE agreements, not an actual sale of company shares.